(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Hugo Boss while raising its target price from 79 to 83 euros, in the wake of EBIT projections for the German clothing house raised by 2% for 2023, 5% for 2024 and 10% for 2025.
‘Hugo Boss is gaining significant market share and decoupling from trends in high-end clothing in Western markets’, welcomes the broker, adding that the dynamics of the gross margin should improve in the second half.
“Given the strong brand momentum, we see risks to the second half consensus pointing to the upside, notwithstanding the current challenging wholesale environment in the US,” he said.
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